Bentall Kennedy (U.S.) Limited Partnership (Bentall Kennedy) announces the acquisition of Kedron Village II, a 157,185 square foot retail center in the Atlanta area on behalf of the MEPT Fund and its affiliated funds (the “Fund”).
Kedron Village II is located 30 miles southwest of downtown Atlanta in Peachtree City and is adjacent to an existing Fund-owned asset, Kedron Village I, a 97,000 square foot, grocery-anchored retail center acquired in 2011. Peachtree City, the largest city in Fayette County, Georgia, has strong demographics with average and median household incomes within a 3-mile radius of the Property of $120,000 and $95,000, respectively. Built in 2006, Kedron Village II is 90 percent leased to a mix of national, regional, and local tenants. The center is anchored by Ross Dress for Less, Bed Bath & Beyond, and Petco. The weighted average remaining lease term for all tenants is nearly five years and 80 percent of the tenant base has been at the center for seven or more years.
“The acquisition of Kedron Village II creates significant synergies with the Fund’s existing center, Kedron Village I, and builds critical mass in a strong demographic trade area,” stated David Nielson, Senior Vice President, Transactions at Bentall Kennedy. Additionally, the center is well-located at the southeast corner of Highway 74 and North Peachtree Parkway, which is the northern-most shopping center in Peachtree City and is positioned to attract customers entering the city from points north, including downtown Atlanta.
“This acquisition aligns with the Fund’s strategic goal of acquiring core retail properties in primary, knowledge-based markets throughout the U.S.,” stated David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. “Investing in necessity-based retail centers in areas surrounded by large, educated and affluent populations provide stable income for the Fund.”